US gasoline consumption, inventories fall despite production rise

HOUSTON (ICIS)--US gasoline inventories and consumption rates for the week ended 31 May were down despite gains in production rates, a government agency said on Wednesday.

Finished motor gasoline consumption rates for the week ended 31 May were at 8.822m bbl/day, a decrease of 134,000 bbl/day, or 1.5% from the previous week, according to the US Energy Information Administration (EIA).

For the same week, gasoline inventories dropped by 400,000 bbl to 218.8m bbl, a 0.4% week-on-week decline, the EIA said.

Analysts had predicted a gain 1.5m bbl in gasoline inventories.

Imports also fell this week, contributing to the decrease in inventories by shedding 198,000 bbl/day to 514,000 bbl/day.

Despite the drop in inventories, production rates increased by 116,000 bbl/day to 9.195m bbl/day.